Popolare Vicenza, assembly yes to transformation in spa, capital increase and listing – The Republic

VICENZA – With a majority of all’81,95%, the Banca Popolare di Vicenza has become a spa. They voted for 9304 of 11353 members present (including proxies). The first item on the agenda was approved after six hours of assembly and many protests over the old management, the era Zonin. The outcome of the vote was announced by President Stephen Lamb. Eleven thousand shareholders (in person or by proxy) are attending the meeting of the People’s perhaps more difficult. After the transformation in Spa, the assembly approved fact also the capital increase up to 1.76 billion and the IPO, the other two conditions without which the group would risk an intervention by the ECB.

” he ‘been a long and tiring meeting, but the result achieved is an historic step for this bank, “said Stephen Lamb, closing the jobs. In favor of the increase we have expressed the 87,15% of votes, against 12,28% and 0.6% abstained. Similar results for the listing on the Stock Exchange: 87.19% yes, 12.28% no and 0.52% abstained.
A choice without alternatives, said Lamb, not to incur the “serious and irreparable consequences” feared by the ECB. Frankfurt, as in the case of Veneto Banca, had sent a letter to the public institution leaders, to explain that by the Assembly today was to get out of a triple yes, to avoid risks to the commissioner.
Many the whistles and applause in the Perlini Equipment shed in Gambellara resorts, which hosted the meeting, not far from Vicenza and six kilometers from the Zonin establishments. The former owner of the bank has not seen, as well as most of the old guard councilors present only in five out of the 18 that make up the board.

E ‘touched the managing director Francesco Iorio explain state of the art, in a speech interrupted by applause and AC whistles. “Voting no would really give away the bank and we would have a salvage value of zero, which may not be limited to the value of the shares,” said Iorio in assembly onset. The ad had not turned around at the old management node: “I work with the different powers of attorney which have been affected, the time will not give me note the work done.” And again: “I fully feel the responsibility and the bank will have to take charge in the future.” On the other hand, he concluded, “there are no alternatives to the capital increase and other moves.”

The speeches of the 123 members registered to speak, with a quota free time of two minutes, they were opened by a pensioner who, after a few words, he stopped overwhelmed by tears. Many members have called for the resignation of the old guard and the liability action against them.

Topics :

Banca Popolare di Vicenza

bce

Starring:

Stephen Lamb

Francesco Iorio